The Buzz
Gold regains some luster
May 30, 2013: 11:41 AM ET
Stocks have been on a roller coaster ride over the past couple of weeks. Bond yields are creeping higher. And it looks like that's created the perfect conditions for gold to regain favor with investors.
Gold prices nudged back above $1,400 an ounce for the first time in two weeks Thursday. That may not seem that dramatic, but for an asset that investors had been shunning lately, it may signal more gains lie ahead.
Gold miners were faring well. Shares of Randgold (GOLD) rose more than 4%, Kinross Gold (KGC) rallied 8% and AngloGold Ashanti (AU) gained nearly 7%.
Everyone was jumping on the gold bandwagon Thursday. The Market Vectors Gold ETF (GDX) popped more than 5%, and Direxion Gold Miners (NUGT) jumped 15%.
What a difference a month makes.
Gold prices plunged to a 2-year low April 15 in their biggest one day sell-off in decades. The culprit? Worries about China growth.
Those worries haven't gone away but for now, they seem to have shifted to the back burner as investors watch the market gyrations and look for a place to park off until things settle down.
StockTwits traders were cheering the yellow metal on.
fabiancapital
Gold bounce is picking up steam. Watch out for additional upside if $GDX can recapture $30. http://stks.co/pEnm
KimbleCharting
$GLD $SLV $GDX This could bring a BIG SMILE to these investors faces after a 40% YTD decline. http://stks.co/jXVP
That could be an understatement. Just looking at the chart above shows how rough May has been for gold bugs. But I'd keep the champagne on ice for now.
ivanhoff
As mentioned yesterday, hot money is now bidding the gold and silver miners. $GDX SIL
That was a good call ivanhoff. Looks like the miners are getting a pretty big boost today. Makes me wonder if this is a trend or if we're in for more choppiness heading into the summer.
TheAmerican
Asia $GOLD Demand to Hit Quarterly Record, Absorb ETF Outflow-WGC http://stks.co/hXgTvia @reuters World Gold Council Reports $AGOL $GLD
Ahh yes, who could forget the World Gold Council. Any sign of rising demand from Asia would be enough to spark interest. Couple that with the volatility we're seeing in stocks, and you've got a pretty good case for buying.
DarkPools
$GDX $GLD $NUGT $GDXJ $NEM $GG $AU $AUY etc GOLD tellin the mkt to go fly a kite today !! Bullish
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